In
accordance with section 1-2-6 of RDA Ordinance 1 of 1999 of the Redevelopment
Agency of Riverdale City, Utah, the following lending parameters and
criteria are hereby adopted as loan policy:

Purchase Assistance Program

Purchase Assistance for Owner Occupied Residential Real Properties that include any one or more of the following criteria:

Located on 4400 South Street, west of Weber River and east of Parker Drive excluding condo’s and mobile or manufactured homes.

Located on 700 West Street / River Valley Drive north of 4400 South Street to its junction with Parker Drive excluding condo’s and mobile or manufactured homes.

Located elsewhere within the Riverdale City limits excluding condo’s and mobile or manufactured homes, provided such real properties have become nuisance or troubled including but not limited to being vacant, abandoned, foreclosed, short-sale, etc.

Owner occupant is employed full-time as a sworn POST certified police officer who will be parking a marked police car on the premises while off duty for a minimum of three years of the vesting period.

Due
in full upon the sale, transfer of ownership, or change of use
of the property with daily interest to accrue at the prime rate on the outstanding principal until full payment of principal
and interest is received.

5 years but less than 10 years of ownership

50%

Over 10 years of ownership

0%

Secured
by

1st,
2nd, or 3rd mortgage(Combined total of which must not exceed loan to Value Ratio)

Loan
Fees
and Closing Costs

All
actual 3rd party costs incurred by the RDA related to loan processing,
document preparation, loan closing and recording will be charged
to the borrower(s) and will be financed as part of loan amount.

RDA
Housing Program
Household Income Guidelines*

Family
Size
(# of Persons in Household)

1

2

3

4

5

6

7

8

Median(100%
of Median)

$50,000

$57,100

$64,200

$71,300

$77,100

$82,800

$88,500

$94,200

Low(80%
of Median)

$39,950

$45,650

$51,350

$57,050

$61,650

$66,200

$70,750

$75,350

Very Low(50%
of Median)

$25,000

$28,550

$32,100

$35,650

$38,550

$41,400

$44,250

$47,100

(70% of Base)

(80% of Base)

(90% of Base)

BASE

(108% of Base)

(116% of Base)

(124% of Base)

(132% of Base)

*Source:
HUD FY 2014 guidelines Ogden-Clearfield, UT MSA.
Note: For each household member in excess of eight, 8% of the four-person
base should be added to the eight-person income limit, e.g nine-person-family
is 140% of base (132% + 8%)